SBF Denies 50-Year Prison Proposal, Calls Sentence Excessive
Key Points:
- FTX co-founder Sam Bankman-Fried has been accused of crimes leading to over a million victims and a $10 billion loss.
- Prosecutors are calling for a 40 to 50-year prison sentence, but his defense suggests this is excessive.
FTX’s SBF denies 50-year prison sentence proposal for his alleged crimes involving over $10 billion loss. His defense calls the proposal “disturbing”.
According to Bloomberg, Sam Bankman-Fried, co-founder of FTX, has refuted US prosecutors’ call for a 50-year prison sentence, labelling it as a distortion of reality that depicts him as a “depraved super-villain.”
SBF Denies 50-Year Prison Proposal: “Distorts Reality”Â
Prosecutors have argued that, due to the historic nature of his crime, which allegedly involved over a million victims and a loss of more than $10 billion following the collapse of his crypto empire, a 40 to 50-year sentence is necessary.
They accuse Bankman-Fried of displaying unparalleled greed and hubris, breaking the law under the influence of his own values and a dangerous sense of superiority.
This proposed sentence, however, is far less than the 100 years suggested by US criminal sentencing guidelines and significantly more than the 6 1/2 years suggested by Bankman-Fried’s lawyers.
Readmore: Sam Bankman-Fried Trial Live Updates: Latest News And Insights
Defense Claims Government Attempts to Break Bankman-Fried
The defense has called this proposal “disturbing,” asserting the government is attempting to break their 32-year-old client. In November, a Manhattan jury convicted Bankman-Fried on seven charges, including wire fraud and conspiracy.
Allegedly, he redirected FTX customer money into an affiliated hedge fund, Alameda Research, for risky investments, political donations, and high-end real estate, leading to both companies’ bankruptcy in 2022. Prior to this, FTX had been valued at $32 billion.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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SBF Denies 50-Year Prison Proposal, Calls Sentence Excessive
Key Points:
- FTX co-founder Sam Bankman-Fried has been accused of crimes leading to over a million victims and a $10 billion loss.
- Prosecutors are calling for a 40 to 50-year prison sentence, but his defense suggests this is excessive.
FTX’s SBF denies 50-year prison sentence proposal for his alleged crimes involving over $10 billion loss. His defense calls the proposal “disturbing”.
According to Bloomberg, Sam Bankman-Fried, co-founder of FTX, has refuted US prosecutors’ call for a 50-year prison sentence, labelling it as a distortion of reality that depicts him as a “depraved super-villain.”
SBF Denies 50-Year Prison Proposal: “Distorts Reality”Â
Prosecutors have argued that, due to the historic nature of his crime, which allegedly involved over a million victims and a loss of more than $10 billion following the collapse of his crypto empire, a 40 to 50-year sentence is necessary.
They accuse Bankman-Fried of displaying unparalleled greed and hubris, breaking the law under the influence of his own values and a dangerous sense of superiority.
This proposed sentence, however, is far less than the 100 years suggested by US criminal sentencing guidelines and significantly more than the 6 1/2 years suggested by Bankman-Fried’s lawyers.
Readmore: Sam Bankman-Fried Trial Live Updates: Latest News And Insights
Defense Claims Government Attempts to Break Bankman-Fried
The defense has called this proposal “disturbing,” asserting the government is attempting to break their 32-year-old client. In November, a Manhattan jury convicted Bankman-Fried on seven charges, including wire fraud and conspiracy.
Allegedly, he redirected FTX customer money into an affiliated hedge fund, Alameda Research, for risky investments, political donations, and high-end real estate, leading to both companies’ bankruptcy in 2022. Prior to this, FTX had been valued at $32 billion.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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